Vietnam to bank on trade promotions, FTAs to boost exports

Exporters in the country will find it tougher to enter foreign markets amid rising concerns over sustainability, climate change and consumer safety, leading to enforcement of newer regulations related to supply chain, materials, workforce and environment on imports.

Increased logistics costs and shipping time arising out of geopolitical conflicts will also hit Vietnamese companies.

As of January 15, Vietnam shipped overseas products worth $15.1 billion—a drop of 7.5 per cent from the figure in the second half of December last year.

The ministry of industry and trade (MoIT) will continue its support for enterprises to take advantage of the FTAs to boost exports, while enhancing the communications work to raise awareness of traceability as well as opportunities and challenges from the trade pacts, Tran Thanh Hai, deputy director of the Agency of Foreign Trade under the ministry, was cited as saying by a domestic news agency.

Localities, associations and enterprises will receive assistance to carry out large-scale trade promotion events, helping popularise products of the region’s strength in the target markets, he said.

The ministry will develop logistics services and back businesses to overcome trade barriers in import markets, along with stepping up negotiations and signing of new trade deals and commitments.

ALCHEMPro News Desk (DS)